TaxTMI 
TaxTMI 
2024 (9) TMI 195
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....case and in law, the order passed by the Assessing Officer ('AO') dated 30.12.2017 u/s 143(3) of the Income Tax Act,1961 ('the Act'), as upheld by order of the Commissioner of Income Tax (Appeals) ('CIT(A)') dated 05.11.2019 and also the additions made therein are illegal, bad in law, without jurisdiction and liable to be quashed. 2. That Assessing Officer/CIT(A) has erred in law and on facts and circumstances of the case in upholding the addition of Rs. 85,00,00,005/- made by the AO to the Appellant's returned income u/s 56(2)(viib) read with Rule 11UA(2)(b) in respect of share premium received on issue of equity shares during the year on wholly erroneous, illegal and untenable grounds. As such the addition is....
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....h failed to appreciate that projections made at the time of making valuation of shares are made on the basis of estimates and may vary with the actual numbers. In any case, it is made on prudent basis and the projections cannot be rejected by taking into account subsequent events. 8. That the AO/CIT(A) erred in disregarding the projections as anticipated by the Appellant without appreciating the fact that projections are estimates based on future market conditions and policies and there can be difference between the revenue projected and actual revenue if market conditions vary. Moreover, the Appellant had sufficient reasons for not achieving the projected revenue. 9. That AO/CIT(A) has grossly erred in law and on facts and circumstance....
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.... not appreciating the CA Certificate dated 23.10.2018 as filed during the course of the hearing. 14. That, in view of the facts and circumstances of the case and in law, the AO has erred in not granted credit of taxes paid under MAT provisions, of Rs.4,16,58,350/- under Section 115JAA of the Act. 15. That in view of the facts and circumstances of the case, the AO has erred in charging the interest u/s. 234B of the Act. 16. That in view of the facts and circumstances of the case, the AO has erred in initiating penalty proceedings u/s. 271 (1)(c) of the Act. 17. That the above grounds are mutually exclusive and without prejudice to each other." 3. Brief facts of the case are that in this case, assessee filed return of income declarin....